{"id":83555,"date":"2024-01-24T15:41:43","date_gmt":"2024-01-24T20:41:43","guid":{"rendered":"https:\/\/www.rbcroyalbank.com\/en-ca\/?post_type=rbc_my_money_matter&#038;p=83555"},"modified":"2024-05-09T13:59:11","modified_gmt":"2024-05-09T17:59:11","slug":"worried-about-higher-interest-rates-and-taxes-strategies-to-take-back-control-of-your-wealth","status":"publish","type":"rbc_my_money_matter","link":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/investing-academy\/worried-about-higher-interest-rates-and-taxes-strategies-to-take-back-control-of-your-wealth\/","title":{"rendered":"Worried about higher interest rates and taxes? Strategies to take back control of your wealth"},"content":{"rendered":"<div class=\"wp-block-rbc-single-article-header\">\n\t<section class=\"section-grey cover pad-t-hlf\">\n\t\t<div class=\"section-inner w-half w-mob-full centered-margin cover section-grey pad-tb-0\">\n\t\t\t<h1 class=\"mar-b-hlf mar-t-0 mob-pad-lr-hlf h2 has-black-color\">Worried about higher interest rates and taxes? Strategies to take back control of your wealth<\/h1><p class=\"mar-b-0 mob-pad-lr-hlf author-text\">By RBC Wealth Management<\/p>\t\t\t\t\t<div class=\"featured-image-wrapper pos-rel\">\n\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/01\/what-if-my-code-doesnt-work-2x.jpg?quality=80\" class=\" cover-image  wp-post-image\" alt=\"Man on phone\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/01\/what-if-my-code-doesnt-work-2x.jpg 1558w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/01\/what-if-my-code-doesnt-work-2x.jpg?resize=300,169 300w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/01\/what-if-my-code-doesnt-work-2x.jpg?resize=768,432 768w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/01\/what-if-my-code-doesnt-work-2x.jpg?resize=1024,576 1024w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/01\/what-if-my-code-doesnt-work-2x.jpg?resize=1536,864 1536w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t<\/section>\n\t<div class=\"article mar-t-dbl\">\n\t\t\t\t<section>\n\t\t\t<div class=\"section-inner socials-section\">\n\t\t\t\t<div class=\"top-socials-bar mob-mar-b-hlf\">    <div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n            <a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=Worried about higher interest rates and taxes? Strategies to take back control of your wealth &#038;body=Hi, I thought you might be interested in this article from RBC My Money Matters: https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/investing-academy\/worried-about-higher-interest-rates-and-taxes-strategies-to-take-back-control-of-your-wealth\/\">\n        <img decoding=\"async\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-email.svg\"\n          alt=\"envelope icon\">\n        <span>\n          Email        <\/span>\n      <\/a>\n      <div class=\"social-button-wrapper sharing-copy-wrapper\">\n        <button class=\"sharing-custom sharing-copy\" data-url=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/investing-academy\/worried-about-higher-interest-rates-and-taxes-strategies-to-take-back-control-of-your-wealth\/\">\n          <img decoding=\"async\"\n            src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-related.svg\"\n            alt=\"copy icon\">\n          <span id=\"sharing-copyUrl-Label\">\n            Copy URL          <\/span>\n        <\/button>\n        <input type=\"text\" class=\"sharing-copy-text\" aria-labelledby=\"sharing-copyUrl-Label\">\n      <\/div>\n    <\/div>\n  <\/div>\n\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section>\n\t\t\t<div class=\"section-inner w-half w-mob-full centered-margin pad-tb-0 mob-mar-t-hlf mob-mar-b\">\n\t\t\t\t<p class=\"cover-pub-line text-xs mar-b-hlf\">Published January 24, 2024 \u2022 8 Min Read<\/p>\t\t\t<\/div>\n\t\t<\/section>\n\t<\/div>\n<\/div>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner w-half w-mob-full\" style=\"border-radius:0x\">\n<p><em>This article originally appeared on <a href=\"https:\/\/www.rbcwealthmanagement.com\/en-ca\/insights\/worried-about-higher-interest-rates-and-taxes-strategies-to-take-back-control-of-your-wealth\" data-dig-id=\"LP-83555-7a058e93\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"RBC Wealth Management\" class=\"rbc-link-format\">RBC Wealth Management<\/a>.<\/em><\/p>\n\n\n\n<p>With today\u2019s high inflation, interest rates and taxes, Canadians are feeling the pinch. But there are things you can do to take control of\u2014and build confidence in\u2014your financial future.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-you-can-t-control-tax-rates-but-you-can-strategize-where-your-wealth-goes\">You can\u2019t control tax rates, but you can strategize where your wealth goes<\/h2>\n\n\n\n<p>Paying taxes is one of life\u2019s certainties, but you can still make the most of your income by investing in tax-advantaged plans, like a&nbsp;<a href=\"https:\/\/www.rbcwealthmanagement.com\/en-ca\/insights\/using-a-tfsa-to-help-you-reach-your-financial-goals\" data-dig-id=\"LP-83555-6ee405a4\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Tax-Free Savings Account\" class=\"rbc-link-format\">Tax-Free Savings Account<\/a>&nbsp;(TFSA),&nbsp;<a href=\"https:\/\/www.rbcwealthmanagement.com\/en-ca\/insights\/five-strategies-to-maximize-your-rrsp-savings\" data-dig-id=\"LP-83555-5e6d2cee\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Registered Retirement Savings Plan\" class=\"rbc-link-format\">Registered Retirement Savings Plan<\/a>&nbsp;(RRSP) or&nbsp;<a href=\"https:\/\/www.rbcwealthmanagement.com\/en-ca\/insights\/maturity-options-how-to-look-beyond-rrsps\" data-dig-id=\"LP-83555-9d75c2a9\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Registered Retirement Income Fund\" class=\"rbc-link-format\">Registered Retirement Income Fund<\/a>&nbsp;(RRIF).<\/p>\n\n\n\n<p>Here are some suggestions on what to do with these programs.<\/p>\n\n\n\n<p><strong>Catch up on unused contributions:<\/strong> Take advantage of any unused TFSA and RRSP contribution room as soon as possible. That way, you can benefit longer from tax-free investment growth within your TFSA (your investment income is never taxed even when you make withdrawals) and tax-deferred growth within your RRSP (you\u2019re only taxed when you eventually make withdrawals). Make sure you confirm your available TFSA and RRSP contribution room with a qualified tax advisor.<\/p>\n\n\n\n<p><strong>Make your annual TFSA contribution: <\/strong>Every Canadian aged 18 and older automatically receives additional TFSA contribution room each year they are a \u201ctax resident\u201d in Canada\u2014it\u2019s not tied to your earned income like your RRSP.<\/p>\n\n\n\n<p>As of Jan. 1, 2024, you can contribute another $7,000 to your TFSA for a total of $95,000 since the TFSA was introduced in 2009 (assuming you were at least 18 in 2009).<\/p>\n\n\n\n<p>You have until Feb. 29, 2024, to make your 2023 RRSP contribution and receive a tax deduction you can use on your 2023 tax return.<\/p>\n\n\n\n<p><strong>Let your RRSP grow: <\/strong>You must convert your RRSP into a retirement income source (such as a RRIF) by the end of the year in which you turn 71. You can convert it sooner, but if you have sufficient income from other sources, you may wish to consider waiting. That way, you let your RRSP continue growing on a tax-deferred basis that much longer.<\/p>\n\n\n\n<p><strong>Reinvest RRIF payments to earn tax-free income: <\/strong>If you have a RRIF, you\u2019re required to withdraw a minimum amount annually, which is taxable at your marginal rate. If you don\u2019t need the income, consider reinvesting your RRIF payments into your TFSA (if you have TFSA contribution room) where they can earn tax-free investment income.<\/p>\n\n\n\n<p>When you need the income, you can make tax-free withdrawals\u2014the amount you withdraw is added back to your available contribution room the following year.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-reduce-future-tax-with-a-spousal-rrsp\">Reduce future tax with a spousal RRSP<\/h3>\n\n\n\n<p>Do you expect your partner to be in a lower tax bracket during retirement? If so, consider contributing some or all of your available RRSP contribution room to a spousal RRSP.<\/p>\n\n\n\n<p>When you contribute to a spousal RRSP, you receive the tax deduction. The income your spouse earns within it is generally taxed at their lower rate. This can help reduce your combined taxes.<\/p>\n\n\n\n<p>Even if you\u2019ve already converted your RRSP into a RRIF, you may still be able to contribute to a spousal RRSP if you\u2019ve earned income. You have until Dec. 31 of the year in which your spouse turns 71 to do so.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-you-can-t-control-rising-costs-but-you-can-control-how-you-stretch-your-dollars\">You can\u2019t control rising costs, but you can control how you stretch your dollars<\/h2>\n\n\n\n<p>The cost of living continues to rise, and if you\u2019re retired and on a fixed income, it makes sense to take a close look at your expenses, switch to less-expensive options where possible and consider your needs versus your wants.<\/p>\n\n\n\n<p>Regardless of your life stage, updating your budget and financial plan is a good move.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-you-can-t-control-interest-rates-but-you-can-control-how-you-turn-them-to-your-advantage\">You can\u2019t control interest rates, but you can control how you turn them to your advantage<\/h2>\n\n\n\n<p>On the one hand, you don\u2019t want higher interest rates when you\u2019re paying them. If you\u2019re in that situation, consider how you can pay off higher interest debt or switch to lower interest options where possible.<\/p>\n\n\n\n<p>On the other hand, higher interest rates are great when you\u2019re being paid interest through fixed-income investments like bonds and Guaranteed Investment Certificates (GICs). In addition to offering interest and principal repayment guarantees, bonds and GICs are paying higher interest than they have in years, making them much more attractive for investors seeking income and stability in their portfolios.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-you-can-t-control-the-markets-but-you-can-control-how-you-react-to-them\">You can\u2019t control the markets, but you can control how you react to them<\/h2>\n\n\n\n<p>As an investor, it can be difficult to stick with your long-term plan during times of economic uncertainty. It\u2019s only natural to feel nervous, but by avoiding the urge to \u201cpanic sell,\u201d you may benefit over the long term as, historically, the markets trend upward.<\/p>\n\n\n\n<p>A qualified advisor can help you navigate the ups and downs of the markets, guide you through the advantages of each tax-advantaged plan and help you decide which one best suits your needs.<\/p>\n\n\n\n<p class=\"has-light-grey-background-color has-background\">Visit <a href=\"https:\/\/www.rbcwealthmanagement.com\/en-ca\" data-dig-id=\"LP-83555-4073cf5c\" data-dig-label=\"RBC WM\" data-dig-action=\"link click\" data-dig-category=\"LP\" class=\"rbc-link-format\">RBC Wealth Management<\/a> for more ways to control your wealth.<\/p>\n\n\n\n<div class=\"wp-block-rbc-rbc-default-collapsible\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapse63847ef1\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapse63847ef1\" data-dig-id=\"LP-83555-63847ef1\" data-dig-category=\"LP\" data-dig-action=\"accordion closed\" action-closed=\"accordion closed\" action-opened=\"accordion open\" data-dig-label=\"Things our lawyers want you to know\"><div>Things our lawyers want you to know<\/div><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapse63847ef1\">\n<div class=\"wp-block-rbc-collapsible-inner-block collapse-inner\">\n<p>This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.<\/p>\n\n\n\n<p>This document has been prepared for use by the RBC Wealth Management member companies, RBC Dominion Securities Inc.*, RBC Phillips, Hager &amp; North Investment Counsel Inc., RBC Global Asset Management Inc. Royal Trust Corporation of Canada and The Royal Trust Company (collectively, the \u201cCompanies\u201d) and their affiliate, Royal Mutual Funds Inc. (RMFI). *Member \u2013 Canada Investor Protection Fund. Each of the Companies, RMFI and Royal Bank of Canada are separate corporate entities which are affiliated. \u201cRBC advisor\u201d refers to Private Bankers who are employees of Royal Bank of Canada and licensed representatives of RMFI, Investment Counsellors who are employees of RBC Phillips, Hager &amp; North Investment Counsel Inc., Portfolio Managers who are employees of RBC Global Asset Management Inc., Senior Trust Advisors and Trust Officers who are employees of The Royal Trust Company or Royal Trust Corporation of Canada, or Investment Advisors who are employees of RBC Dominion Securities Inc. In Quebec, financial planning services are provided by RMFI which is licensed as a financial services firm in that province. In the rest of Canada, financial planning services are available through RMFI, Royal Trust Corporation of Canada, The Royal Trust Company, or RBC Dominion Securities Inc. Estate and trust services are provided by Royal Trust Corporation of Canada and The Royal Trust Company. If specific products or services are not offered by one of the Companies, clients may request a referral to another RBC partner. The strategies, advice and technical content in this publication are provided for the general guidance and benefit of our clients, based on information believed to be accurate and complete, but neither the Companies, RMFI, nor Royal Bank of Canada, nor any of its affiliates nor any other person can guarantee accuracy or completeness. This publication is not intended as nor does it constitute tax or legal advice. Readers should consult a qualified legal, tax or other professional advisor when planning to implement a strategy. This will ensure that their individual circumstances have been considered properly and that action is taken on the latest available information. Interest rates, market conditions, tax rules, and other investment factors are subject to change. This information is not investment advice and should only be used in conjunction with a discussion with your RBC advisor. None of the Companies, RMFI, Royal Bank of Canada nor any of its affiliates nor any other person accepts any liability whatsoever for any direct or consequential loss arising from any use of this report or the information contained herein. In certain branch locations, one or more of the Companies may carry on business from premises shared with other Royal Bank of Canada affiliates. Notwithstanding this fact, each of the Companies is a separate business and personal information and confidential information relating to client accounts can only be disclosed to other RBC affiliates if required to service your needs, by law or with your consent. Under the RBC Code of Conduct, RBC Privacy Principles and RBC Conflict of Interest Policy confidential information may not be shared between RBC affiliates without a valid reason. \u00ae \/ \u2122 Trademark(s) of Royal Bank of Canada.&nbsp; Used under licence. &nbsp;\u00a9 Royal Bank of Canada 2024<em>.<\/em>&nbsp;All rights reserved.<\/p>\n\n\n\n<p>RBC Wealth Management is a business segment of Royal Bank of Canada. Please click the \u201cLegal\u201d link at the bottom of this page for further information on the entities that are member companies of RBC Wealth Management. The content in this publication is provided for general information only and is not intended to provide any advice or endorse\/recommend the content contained in the publication.<\/p>\n\n\n\n<p>\u00ae \/ \u2122 Trademark(s) of Royal Bank of Canada. Used under licence. \u00a9 Royal Bank of Canada 2024. All rights reserved.<\/p>\n<\/div>\n<\/div><\/div>\n\n\n\t\n\t<div class=\"wp-block-tk-spacer id-c27ca6b6-fc53-4e7a-9230-678b40c45516\" aria-hidden=\"true\"><\/div>\n\t\n\n\n<p class=\"has-text-align-center h5 mar-b\"><strong>Share This Article<\/strong><\/p>\n\n\n\n\t\t<div class=\"socials-block\">\n\t\t\t    <div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n            <a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=Worried about higher interest rates and taxes? Strategies to take back control of your wealth &#038;body=Hi, I thought you might be interested in this article from RBC My Money Matters: https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/investing-academy\/worried-about-higher-interest-rates-and-taxes-strategies-to-take-back-control-of-your-wealth\/\">\n        <img decoding=\"async\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-email.svg\"\n          alt=\"envelope icon\">\n        <span>\n          Email        <\/span>\n      <\/a>\n      <div class=\"social-button-wrapper sharing-copy-wrapper\">\n        <button class=\"sharing-custom sharing-copy\" data-url=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/investing-academy\/worried-about-higher-interest-rates-and-taxes-strategies-to-take-back-control-of-your-wealth\/\">\n          <img decoding=\"async\"\n            src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-related.svg\"\n            alt=\"copy icon\">\n          <span id=\"sharing-copyUrl-Label\">\n            Copy URL          <\/span>\n        <\/button>\n        <input type=\"text\" class=\"sharing-copy-text\" aria-labelledby=\"sharing-copyUrl-Label\">\n      <\/div>\n    <\/div>\n  \t\t<\/div>\n\n\t\t\n\n\t\n\t<div class=\"wp-block-tk-spacer id-7024ebeb-45f0-4b04-a1c4-3ccdb0e5d37d\" aria-hidden=\"true\"><\/div>\n\t\n\n<\/div>\n<\/section>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel mob-pad-t-dbl\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<h2 class=\"wp-block-heading mar-b mob-mar-b-dbl mar-t-0\" id=\"h-read-this-next\">Read This Next<\/h2>\n\n\n\t\t\t<div class=\"related-posts-type-2\">\n\t\t\t\t<div class=\"related-post-list\">\n\t\t\t\t\t<ul class=\"grid-wpr eh-wpr\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li class= 'grid-one-third grid-tb-full grid-mob-full mar-b'>\n\t\t\t\t\t\t\t\t\t\t<article class=\"col-wpr mar-b-0 mar-r-0 mar-l-0\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"postcard-img-ctr post-card-image col-md-12 col-xs-6 mob-mar-b-0 pad-l-0\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/03\/shutterstock_2211703031.jpg?quality=80&amp;w=1024\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"Animated image with a cartoon woman balancing on a seesaw on top of a pile of coins. 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decoding=\"async\" width=\"1024\" height=\"637\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/01\/holding-question-mark-conceptual-shoot.jpg?quality=80&amp;w=1024\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"Hand holding a question mark\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/01\/holding-question-mark-conceptual-shoot.jpg 3000w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/01\/holding-question-mark-conceptual-shoot.jpg?resize=300,187 300w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/01\/holding-question-mark-conceptual-shoot.jpg?resize=768,478 768w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/01\/holding-question-mark-conceptual-shoot.jpg?resize=1024,637 1024w, 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